4 Myths about Entrepreneurship

April 30, 2015

8:00 am

If I had to design a MythBusters episode on myths about entrepreneurship, a few ideas would come to mind.

Have the hosts drink 4 cans of Red Bull and give them a test of cognitive function.

Play a soundtrack of ambient coworking space noises and try the same test.

Have women and men pitch the same business ideas and see which ones get funded. (Oh yeah, that’s already been done.)

Myths about entrepreneurship abound, even more so lately because startups have entered pop culture along with hoodies, working in garages, drinking Bulletproof Coffee, and generally crushing it.

In the video below, the Kauffman Foundation – which produces research that disproves many of these myths – highlights four of the most common:

  • Incubators are incredibly effective. The research on incubators isn’t comprehensive, but some preliminary findings show that incubated businesses don’t outperform non-incubated ones.
  • Small businesses are the most important part of the US economy. Actually, it’s young businesses, which isn’t exactly the same.
  • Successful entrepreneurs tend to be 20-somethings. The peak age for entrepreneurs – with a higher percentage of people starting businesses – is mid 30s to early 40s.
  • Cities should imitate Silicon Valley. The Valley is a special case, says Dane Stangler, Kauffman’s vice president of research and policy, and copying its ideas won’t lead to the same success.

Check out the video here:

Image credit: Startup Stock Photos

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Kira M. Newman is a Tech Cocktail writer interested in the harsh reality of entrepreneurship, work-life balance, and psychology. She is the founder of The Year of Happy and has been traveling around the world interviewing entrepreneurs in Asia, Europe, and North America since 2011. Follow her @kiramnewman or contact [email protected]

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